MyCreditsBad

If you are considering applying for a loan, ordering a copy of your credit report may well be the best place to start. Why? Because it’s also the first thing a potential creditor will be looking at, and even if you pay your bills on time, you will want to ensure that all the information in your credit file is up-to-date and accurate.

Studies have shown that many credit files contain inaccuracies that could affect your credit rating, and even lead to the rejection of a loan application. That’s why reviewing your credit report beforehand may be a good idea, giving you time to dispute any items that may be the result of simple human error or a technical glitch.

And depending on whether you are applying for an auto loan, a mortgage loan, or a loan for business or personal use, different lenders may apply different standards in rating your credit worthiness. For this reason, reading your credit report and understanding how your credit data might be interpreted may give you a chance to improve your credit worthiness from the point of view of a lender. If you would like to get a free copy of your credit report right now, Click Here!

FHA loans are loans made by Banks and other Lenders that are INSURED by HUD.  HUD does not make loans nor does any agency name FHA.  They simply insure the lender/services/investor that they will not take certain losses on the loan if it goes bad.

While HUD insures these loans, they have to meet certain guidelines.  If the lender can not get insurance on the loan loan if it is rejected by HUD then the lender may own this loan and all of it risk.  Most lender do not want this risk.

FHA offer a great program as it only requires 3.5% cash downpayment from the borrower, has excellent rates and offers some flexible underwriting guidelines allowing more people to become homeowners.

Borrowers with a current FHA Mortgage Loan can take advantage of the FHA Streamline Refinance to lower their interest rate and payments.

Conventional loans are typically those loans that can be purchased by either Fannie Mae (FNM) or Freddie Mac (FHLMC).  Each of these quasi government agencies have similar guidelines with individual differences.

They set loan limits on the maximum loan amount they will purchase for mortgage backed securities as well as the credit guidelines for the loans that they will purchase.

Due to the failures in the system, both have tightened up their guidelines significantly over the last year.  If you do not have rock solid credit, solid verifiable income and a decent downpayment with money to spare, this may be a tough loan to obtain.

Foreclosures are the hottest topic right now.  High foreclosure rates are depressing the value of homes across the nation.  Deals are out there to be had by those with access to cash or credit.  Congress keeps trying to pass law to help people that probably never should have owned a home in the first place.  Keep up to date on what is being done and how to profit from foreclosures in your area.

Reverse Mortgage are generally for Senior looking to supplement their income.  This program will allow them to basically receive an annuity stream of income from their home. 

This is a great way to supllement Social Security.